Muraveva A. —
Event Study Analysis of Political and Economical Factors Influencing Bank Notes Exchange Rate Dynamics in the First Third of the 19th c.
// Historical informatics. – 2020. – ¹ 3.
– P. 1 - 20.
DOI: 10.7256/2585-7797.2020.3.33951
URL: https://en.e-notabene.ru/istinf/article_33951.html
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Abstract: The article studies Russian ruble bank notes dynamics in the first half of the 19th century. In particular, it addresses political and economical factors for this dynamics and empirically evaluates the influence of important military, political and economical events on bank notes exchange rate. The author analyzes the direction and the intensity of this influence during the period which is up to three months beginning with the initial start of these factors.
To form time series of the bank notes exchange rate from 1800 to 1839 the article examines Moskovskie Vedomosti that published Moscow stock exchange rates schedules as well as Sankt-Peterburzhskie Vedomosti and Kommercheskaya Gazeta which published Saint Petersburg stock exchange rates schedules. Time series analysis of daily exchange rates has shown that they were more sensitive to endogenous and economical events rather than exogenous and political ones. The study has found out that an exchange rate is more sensitive to internal political and economical reasons rather than external political and political ones. For instance, the sensitivity to cholera was stronger than that to wars. One sees that stock exchange demonstrated more sensitivity to events hindering foreign trade and uncertainty as far as foreign policy is concerned. In addition, it has been found out that Moscow exchange rate was much more sensitive than Saint Petersburg one. However, the later demonstrated longer sensitivity to events.
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Muraveva A. —
On the Dynamics of Note Rates on the St. Petersburg Exchange in the First Third of the 19th Century and the Factors That Influenced It
// History magazine - researches. – 2019. – ¹ 6.
– P. 179 - 187.
DOI: 10.7256/2454-0609.2019.6.30432
URL: https://en.e-notabene.ru/hsmag/article_30432.html
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Abstract: The article addresses the subject of the monetary-credit policy of the Russian state in the second half of the 18th - the first half of the 19th centuries. The research object of this study is the state's promissory note rate of exchange. A promissory note rate is essentially an exchange rate and it reflects the purchasing power of the currency in one country in relation to the monetary currency in another. On the basis of primary data deriving from the Russian press, the author collected the data of promissory note quotes suitable for the subsequent statistical analysis, and identified the periods of the exchange rate's instability, the nature of its dynamics and the factors that influenced it. As the main research method of this work, the author applied the historical-genetic and statistical research methods and the inductive approach to the examination. The topic of the Russian note exchange rate dynamics in the first third of the 19th century has been little studied in historiography. The article demonstrates that the volatility of note rates, on the one hand, was lower than could be expected at this turbulent time, and on the other hand, the coefficient of variation was low. But at the same time, the note rate noticeably deviates from parity, which, given its nature of being based on the domestic rate of the metallic equivalency value of money, indicates a significant speculative component in its dynamics.
Muraveva A. —
On the Question of the Cessation of Bank Note Exchanges in the Russian Empire
// History magazine - researches. – 2019. – ¹ 2.
– P. 116 - 127.
DOI: 10.7256/2454-0609.2019.2.28217
URL: https://en.e-notabene.ru/hsmag/article_28217.html
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Abstract: The subject of this study is the monetary-loan policy of the Russian government in the second half of the 18th - first half of the 19th centuries. The object of this research is the assignation ruble. The author examines in detail the question of the termination of the free exchange of the assignation ruble for silver and copper coins. Particular attention is focused on the sources from the archive "Special Office of the Credit Branch of the Ministry of Finance". By all appearances, the article's author was the first to study some of the archive documents. In these sources, interesting data was uncovered concerning the correspondence of the Assignation Bank and promissory offices with the Ministry of Finance, which made it possible to draw conclusions regarding the date of the cessation of the assignation exchange. The study's main research method is the historical-genetic method of research and the inductive approach to problem examination. The identified data suggests the existence of the assignation exchange for coins at least before the start of the Napoleonic wars, and in the course of further research, the author hopes to clarify the date of the cessation of this exchange.